Tips for growing your business

Mar 10, 2014

Grow your business

With increased optimism in the national press about the country’s economy here are some tips for growing your business:

Expanding your current business

  • Increase your marketing to bring in more work.  This could be any number of advertising streams, internet, telesales, local press and national press.
  • Talk to your existing customers about cross selling additional products.
  • Ask your existing customers whether they could recommend you to their contacts and consider offering incentives such as a discount to them for doing this.
  • Consider recruiting someone who could bring their existing client base with them.

Merging with another business

  • Talk to other business owners with a business similar to yours and find out if they are looking to expand.
  • This can be a long term process so take your time and make sure you pick the right business.
  • This can be a fast way to grow but can be risky if you don’t receive good financial advice.

Franchising

  • Consider selling the rights of your business to a third party.
  • You would receive income in the form of a percentage of sales or a franchise fee for this.
  • You have to take care and make sure your reputation will remain intact.

Acquiring another business

  • This is easier to do when you are a profitable existing business as you will have a relationship with your bank which could help you obtain additional finance.
  • Again, you would need to obtain good professional advice before entering into any agreement.

To find out more about how we can help your business to grow in the future, please contact us for a free no obligation meeting.



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